3. (1) In this section,
"corporation" means the Ontario Transportation Capital Corporation after its continuance pursuant to subsection (2). 1998, c. 28, s. 3 (1).
Continuance of corporation
(2) The Lieutenant Governor in Council may direct the Minister for Privatization to continue the Ontario Transportation Capital Corporation as a corporation with share capital under the Business Corporations Act by filing articles of continuance with the Director appointed under the Business Corporations Act, and the Director shall endorse those articles. 1998, c. 28, s. 3 (2).
Effect of continuance
(3) Despite any provision of the Business Corporations Act, immediately upon the endorsement of the certificate of continuance by the Director:
1. The corporation shall be a corporation to which the Business Corporations Act applies as if it had been incorporated under that Act.
2. The Capital Investment Plan Act, 1993 shall not apply to the corporation.
3. The articles of continuance shall be deemed to be the articles of incorporation of the corporation.
4. Except for the purposes of subsection 117 (1) of the Business Corporations Act, the certificate of continuance shall be deemed to be the certificate of incorporation of the corporation.
5. The corporation shall possess all the property, rights, privileges and franchises and be subject to all the liabilities of the Ontario Transportation Capital Corporation. 1998, c. 28, s. 3 (3).
Ownership of shares
(4) The shares of the corporation shall be legally and beneficially owned by the Crown in right of Ontario as represented by the Minister for Privatization until transferred by the Minister for Privatization, and the corporation shall be deemed to be an agent of the Crown in right of Ontario until the shares have been transferred by the Minister. 1998, c. 28, s. 3 (4).
Disposal of shares
(5) Despite any other Act or regulation, the Lieutenant Governor in Council may direct the Minister for Privatization, on behalf of the Crown in right of Ontario, to transfer, directly or indirectly, the shares of the corporation on such terms and conditions as the Minister for Privatization may determine, including the consideration to be paid for the shares of the corporation, and to carry out the actions authorized under subsection (6). 1998, c. 28, s. 3 (5).
Minister may act
(6) At any time before the transfer of the shares of the corporation pursuant to subsection (5), despite any other Act or regulation, the Minister for Privatization may,
(a) on behalf of the Ontario Transportation Capital Corporation, transfer any or all assets owned by Ontario Transportation Capital Corporation or in which the Ontario Transportation Capital Corporation has an interest to the Crown in right of Ontario as represented by a minister of the Crown, or any ministry, on such terms and conditions as the Minister for Privatization may determine;
(b) remove the directors of the Ontario Transportation Capital Corporation;
(c) appoint directors of the Ontario Transportation Capital Corporation;
(d) determine the classes of shares of the corporation and their attributes; and
(e) issue shares of the corporation, which upon their issuance shall be fully-paid shares of the corporation. 1998, c. 28, s. 3 (6).